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Easy Loan

“Easy Loan” Scheme is designed to meet requirements of salaried segment of reputed organisation/institution. The member will submit prescribed application along with the required documents and proofs. Post verification, if all the documents and papers are found in order, the prospective borrower, at the bank’s discretion, will be sanctioned a loan up to ten times of his/her take home salary, subject to minimum ₹. 50,000.00 and maximum of ₹ 5,00,000.00. The borrower shall have to obtain shares of  5% of the sanction loan amount.

S No. Title Description
1. Nature of account The borrower will be given a loan in which he would be required to deposit equated monthly instalment (EMI) each month. EMI will be due on the same date of every month, till the due date of the loan, on which date the loan was disbursed to him and in case of EMI not deposited within time, penal interest will be charged. If the borrower defaults for 2 consecutive months, The Bank may consider recalling the loan.
2. Eligibility Borrower and the sureties should be regular member of the Bank. Age of borrower and sureties should be between 25 to 56 years. Borrower and sureties should be employee of reputed organisation/institution. CIBIL Report will be considered. Track record of previous loans (from our bank or from any other bank) will be taken care.
3. Purpose This scheme will be extended for personal, education etc. use of the borrower. The borrower will have to give a declaration that the amount will be used for the purpose for which the loan has been obtained, and will not be utilised for speculative purpose.
4. Interest The borrower will be charged variable interest at the rate of 14% p.a. only liveable on monthly basis. The calculation of interest payable by the borrower will be done on a daily basis. Penal interest @ 2% p.a. will be charged if the EMI is not deposited by the borrower.
5. Repaying Capacity “Easy Loan” facility be set up in such a manner that all deductions including serving of EMI of “Easy Loan” should not exceed 60%.
6. Processing Fees Processing fee @ 1.00% of sanctioned “Easy Loan” amount will charged at the time of disbursement of loan.
7. Time period “Easy Loan” will be sanctioned for a period of not more than 5 years or the date of retirement, whichever is earlier.
8. Review of O/D Facility The facility, shall be reviewed annually subject to prescribed slab charges.
9. Surety Prospective borrower will have to provide 1 or 2 personal sureties, as the case may be, who are regular members of the Bank.
10. Key features of the scheme ➤ Avail Loan up to 10 times of net salary.
➤ Avail “Easy Loan” with easy documentation.
➤ No pre closure charges.
11. Documents required at the time of applying for the facility ➤ Self attested form – 16 / ITR for last 2 years.
➤ Self attested copy of PAN.
➤ Self attested copy of Address proof.
➤ Self attested copy of Identity proof.
➤ Self attested Bank statement minimum for last 6 months.
➤ Undertaking on prescribed format from the employer of borrower and sureties, duly singly/jointly signed by the person who is authorised to sign this undertaking and/or local head of the institution/organisation, as the case may be, with their official stamp.
12. Documents at the time of disbursal ➤ Loan Agreement.
➤ Promissory note.
➤ Borrower’s authorisation letter.
➤ Surety’s authorisation letter.
➤ Acknowledgement of sanction letter, loan documents.

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